Basic Concepts in Real Estate

What does Real Estate refer to?

• Only land without any structures

• Land and any permanent structures attached to it, including buildings and roads

• Movable property like vehicles and furniture

What is the primary purpose of a Real Estate Agent?

• To conduct property appraisals and inspections.

• To assist clients in buying, selling, or renting properties.

• To provide legal advice during property transactions.

Which of the following correctly matches Residential Real Estate with its description?

• Properties used for business purposes, like offices, malls, and hotels that generate income through leasing to businesses.

• Includes factories, warehouses, and distribution centers crucial for manufacturing and logistics operations.

• Properties designed for people to live in, including single-family homes, condos, townhouses, and multi-family units.

Which of the following correctly matches Commercial Real Estate with its description?

• Includes factories, warehouses, and distribution centers crucial for manufacturing and logistics operations.

• Properties used for business purposes, like offices, malls, and hotels that generate income through leasing to businesses.

• Raw, undeveloped land that can be used for agriculture, development, or conservation, often as a long-term investment.

Which of the following correctly matches Industrial Real Estate with its description?

• 
  Includes factories, warehouses, and distribution centers crucial for manufacturing and logistics operations.

• 
  Properties designed for people to live in, including single-family homes, condos, townhouses, and multi-family units.

• 
  Properties used for business purposes, like offices, malls, and hotels that generate income through leasing to businesses.

Is raw real estate that can be used for agriculture, development, or conservation, often as a long-term investment.

What are the types of Residential Real Estate?

Answer explanation

Family Homes, Condominiums and Townhouses

What is a key characteristic of a single-family home?

• It shares walls with neighboring houses

• It is designed for multiple families to live in

• It is always part of an apartment complex

• It is a standalone structure that offers privacy and control over the property

Is a type of housing where individuals own their specific units within a larger building,

and share ownership of common areas like hallways, elevators, and amenities.

Which of the following are true characteristics of a townhouse?

• It is a multi-story home that shares walls with neighboring units

• It is always part of a high-rise apartment building

• It has a private entrance and often includes outdoor space

• It is a single-level detached home with no shared walls

• It is only available for rent, not for ownership